Letter of Intent. A letter of intent is an important document that sits neatly between a confidentiality agreement and a final commercial contract being signed. Following disclosure of information under confidentiality the next step in the process is for the parties to determine whether they wish to proceed to a commercial business relationship. The letter of intent signals to both parties that they wish to enter into a relationship subject to conditions being satisfied.
Build a list of things that you will be addressing in the Purchase Offer and decide how you want each of them handled. Now you will not be able to cover EVERY scenario but you will be much further ahead (and prepared) when it comes to crunch time. What do you do then? Present the offer to the seller. Make sure you have an ending day and time for your offer to expire. You do NOT want the seller thinking this over for too long.